Attached files
file | filename |
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10-K - FORM 10-K - FRANKLIN CREDIT HOLDING CORP/DE/ | c14846e10vk.htm |
EX-21.1 - EXHIBIT 21.1 - FRANKLIN CREDIT HOLDING CORP/DE/ | c14846exv21w1.htm |
EX-32.1 - EXHIBIT 32.1 - FRANKLIN CREDIT HOLDING CORP/DE/ | c14846exv32w1.htm |
EX-23.1 - EXHIBIT 23.1 - FRANKLIN CREDIT HOLDING CORP/DE/ | c14846exv23w1.htm |
EX-31.2 - EXHIBIT 31.2 - FRANKLIN CREDIT HOLDING CORP/DE/ | c14846exv31w2.htm |
EX-32.2 - EXHIBIT 32.2 - FRANKLIN CREDIT HOLDING CORP/DE/ | c14846exv32w2.htm |
EX-31.1 - EXHIBIT 31.1 - FRANKLIN CREDIT HOLDING CORP/DE/ | c14846exv31w1.htm |
Exhibit 10.100
March 28, 2011
Franklin Credit Management Corporation
Franklin Credit Holding Corporation
101 Hudson St., 25th Floor
Jersey City, NJ 07302
Attention: Thomas J. Axon, President
Attention: Paul Colasono, Chief Financial Officer
Franklin Credit Holding Corporation
101 Hudson St., 25th Floor
Jersey City, NJ 07302
Attention: Thomas J. Axon, President
Attention: Paul Colasono, Chief Financial Officer
Re: | Limited Waiver of Identified Default |
Dear Tom and Paul:
Reference is hereby made to a certain Amended and Restated Credit Agreement (Licensing) dated
as of March 31, 2009 (as amended, supplemented, restated or otherwise modified from time to time
prior to the date hereof, the Licensing Credit Agreement) by and among Franklin Credit
Management Corporation and Franklin Credit Holding Corporation (each, a Borrower and
collectively, Borrowers), and The Huntington National Bank, a national banking
association (Huntington), as administrative agent for the Lenders (in such capacity,
together with its successors and assigns in such capacity, the Administrative Agent).
All capitalized terms not otherwise defined herein shall have the meanings ascribed to such terms
in the Licensing Credit Agreement.
The Borrowers have advised the Administrative Agent that they are in default of subsection (a)
Net Income Before Taxes, of Section 7.07, Financial Covenants, of the Licensing
Credit Agreement (the Identified Default) for failure to maintain the minimum Net Income
Before Taxes set forth therein. The Borrowers have further requested that Huntington waive the
Identified Default for the period through and including September 30, 2011, and subject to the
terms and conditions set forth herein, the Administrative Agent, for itself and on behalf of the
Lenders hereby waives the Identified Default for the period through and including September 30,
2011.
Nothing in this limited waiver letter shall (i) cause a modification of the Licensing Credit
Agreement or related documentation, except as precisely set forth above; (ii) establish any custom
or in any manner waive or modify any future default or Event of Default; (iii) entitle any Borrower
to any other or further notice or demand whatsoever; or (iv) in any way modify, change, impair,
effect, diminish, or release any Borrowers liability under or pursuant to the Licensing Credit
Agreement.
Please acknowledge your receipt of this letter and agreement to all terms hereof by signing in
the space provided below and returning a copy to the undersigned. If you have any questions
regarding this letter, please contact me.
THE HUNTINGTON NATIONAL BANK, ADMINISTRATIVE AGENT |
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By: | /s/ David L. Abshier | |||
David L. Abshier, Senior Vice President | ||||
cc: | Mark T. Bahlmann Timothy E. Grady, Esq. Kevin P. Gildea, Esq. |
Kevin Gildea
March 28, 2011
Page 2
March 28, 2011
Page 2
Accepted and agreed:
FRANKLIN CREDIT MANAGEMENT CORPORATION
By: |
/s/ Paul D. Colasono
|
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Title: Chief Financial Officer |
FRANKLIN CREDIT HOLDING CORPORATION
By: |
/s/ Paul D. Colasono
|
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Title: Chief Financial Officer |